By Tori Latham
Gov. Pat Quinn signed into law Sunday a bill sponsored by state Sen. Daniel Biss (D-Evanston) establishing a savings program to help Illinois residents prepare for retirement.
The law creates the Illinois Secure Choice Savings Program, which automatically gives each Illinois worker a retirement account. Three percent of an employee’s payroll will be put into the account unless he or she manually changes the amount. This gives workers who lack an employer-sponsored plan a way to save money while still allowing them to opt out if they choose.
“This has been my top legislative priority,” Biss said in a news release. “Bringing Secure Choice to Illinois was no easy task, and I am tremendously grateful to the many advocates, community leaders and colleagues of mine who devoted countless hours to making this a reality.”
Businesses in operation for at least two years and with 25 or more employees are required to provide the plan to their employees by June 1, 2017.